Why we’re having the wrong conversations about print’s future. Apologies for what follows. You’ve caught me staring in the face of the devil. That’s one of the things I’m staring at. The other is a big stack of New Yorkers. Unthumbed-through. It’s 15 issues deep. Not for the reason we all sometimes have magazines piled up. It’s not that I’ve squandered time watching “The Bachelor.” It’s not that they’re unread. No, it’s that they’re unnecessary for the same reason that my expensive camera is stowed in some closet and my alarm clock is dusty and I no longer have a travel agent or Yellow Pages or even a single folding map. Click Read More below for additional detail.
“We are pleased to share that the fourth quarter ended with strong Revenue and Adjusted EBITDA performance,” said Michael Reed, Chairman & Chief Executive Officer. “Revenue improvement was primarily driven by a continued rebound in our advertising trends, both print and digital. We also continued to see strong digital-only circulation pro forma revenue performance with an increase of approximately 46% year-over-year. The revenue improvement as well as continued expense management, led to stronger Adjusted EBITDA, and positions us for continued performance improvement in 2021.”
“We reduced $654 million of our 11.5% term loan during the fourth quarter and an additional $30 million subsequent to year end, which brings our total term loan reduction to $684 million. These actions have allowed us to reduce debt outstanding to $1.545 billion, as of today, which is ahead of the originally outlined levels that we shared in connection with the acquisition of Gannett Media Corp. in 2019. The reduction of the term loan through debt paydown and refinancing of approximately $500 million into convertible notes has reduced our annual interest expense by $48 million. As we head into 2021, we firmly believe that we will be in a position to refinance the remaining term loan, which will further improve our balance sheet.”
details at: https://s1.q4cdn.com/307481213/files/doc_news/2021/01/GCI-Q4-2020-EX-99.1-Pre-Release_FINAL.pdf